Armistice Capital LLC Acquires 33,001 Shares of Workday, Inc. $WDAY

Key Points

• Armistice Capital LLC boosted its Workday stake by 54.2% in the fourth quarter, buying 33,001 additional shares and bringing its total to 93,893 shares worth about $20.2 million.
• Insider selling continued, with executives Gerrit S. Kazmaier and Robert Enslin selling shares under pre-arranged trading plans; Workday insiders sold about 774,814 shares worth roughly $102.3 million over the past 90 days.
• Workday shares were down 3.9% to $121.83, even after the company reported quarterly earnings of $2.66 per share and revenue of $2.54 billion, both slightly above analyst expectations.

Armistice Capital LLC increased its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 54.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,893 shares of the software maker's stock after purchasing an additional 33,001 shares during the period. Armistice Capital LLC's holdings in Workday were worth $20,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WDAY. Brighton Jones LLC raised its holdings in shares of Workday by 230.2% in the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Empowered Funds LLC raised its stake in Workday by 12.1% in the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker's stock valued at $2,602,000 after acquiring an additional 1,206 shares during the period. Geneos Wealth Management Inc. raised its stake in Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock valued at $44,000 after acquiring an additional 127 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Workday during the second quarter worth $281,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Workday by 32.0% during the second quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker's stock worth $1,583,000 after buying an additional 1,600 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Gerrit S. Kazmaier sold 9,356 shares of Workday stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the transaction, the insider owned 165,074 shares of the company's stock, valued at $21,193,850.86. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Robert Enslin sold 5,373 shares of the business's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $129.41, for a total value of $695,319.93. Following the completion of the transaction, the insider directly owned 165,414 shares in the company, valued at approximately $21,406,225.74. This represents a 3.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 774,814 shares of company stock worth $102,272,866 in the last ninety days. Corporate insiders own 18.64% of the company's stock.

Workday Trading Down 3.9%

NASDAQ WDAY opened at $121.83 on Thursday. The company has a market cap of $30.09 billion, a price-to-earnings ratio of 38.07, a P/E/G ratio of 1.34 and a beta of 1.09. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $249.85. The business has a 50 day moving average price of $127.78 and a 200-day moving average price of $157.53. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, beating the consensus estimate of $2.51 by $0.15. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.The company's quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.23 earnings per share. As a group, equities analysts expect that Workday, Inc. will post 5.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WDAY shares. TD Cowen reissued a "hold" rating on shares of Workday in a report on Friday, May 22nd. Bank of America started coverage on Workday in a research note on Wednesday, May 27th. They issued a "neutral" rating and a $140.00 price objective on the stock. Loop Capital set a $210.00 price objective on Workday in a research note on Thursday, March 12th. Wells Fargo & Company lifted their price target on Workday from $180.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Finally, Robert W. Baird set a $195.00 price objective on Workday in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $185.03.

About Workday

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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